France’s Technip projects as much as 20 per cent annual sales growth in Asia’s third-largest economy, while UOP India, a unit of New Jersey-based Honeywell International Inc, expects an increase of at least 15 per cent.

In fact, segment leaders like Maruti Suzuki, Tata Motors and Hero MotoCorp have reported de-growth of 34.3 per cent, 45 per cent and 20 per cent, respectively giving a clear indication of a prolonged slowdown in the sector.